Q2 Onboarding Process

Overview: Through ModernFi + Q2, banks and credit unions can offer extended insurance accounts to attract and retain large-value depositors. ModernFi's sweep and reciprocal program lets financial institutions provide extended insurance to depositors through program institutions, sweep excess liquidity, and source funding. ModernFi's Q2 integration powers frictionless onboarding & operations for both depositors and financial institutions, unlocking the full potential of sweep and reciprocal products.

To offer ModernFi's Extended Insurance Accounts directly in your Q2 Online Banking experience, the following steps must be completed:

1. Request the ModernFi App through the Q2 Marketplace here.

This generates an App Order in the Q2 Developer Portal, kicking off the install process.

Note: If you receive an error message, reach out to ModernFi to confirm they have added you as an active client in their Q2 Partner Portal.

2. Submit your desired navigation configuration on the order.

"Please set ModernFi up as a widget, no need for a dedicated navigation menu with its own page."

ModernFi's Extended Insurance Accounts are by default configured as additional account tiles directly to your Online Banking experience homepage. This allows these accounts to look, feel, and function just like a regular transaction account, greatly increasing the usability and experience for end depositors.

3. Once ModernFi has submitted the install configuration, they will reach out to the FI partner to request for the application to be Installed to Staging.

Q2 will complete the deployment and alert the FI via the deployment ticket, which is attached to the app order. This ticket is the main communication thread for ongoing testing and configuration of the application, allowing for open communication with the Q2 team.

ModernFi will need the Host Account ID for a DDA in your test user’s PTE environment. This test user will also need to be entitled to the ModernFi SweepAccount extension, which can be enabled at the User or User Group level.

4. ModernFi works with the partner FI to complete testing of the app in Staging and Production.

ModernFi can complete all of the deployment work ahead of a Go Live date without exposing any of the functionality to end users. If issues arise, ModernFi will work with the partner FI team to resolve them quickly. Additional testing is required during promotion to production, using a new test user and Host Account ID, to ensure that everything is working properly before going live in your OLB experience.

5. Once testing is completed, Q2 turns the app on in Production!

Once completed, you can start using ModernFi's Extended Insurance Accounts to grow deposits and safeguard your depositors' funds.

Deployment Timeline

The typical install process takes about one month from start to finish. Please plan project timelines accordingly. It is recommended to submit your install request one month prior your intended Go-Live date. Subsequent code updates to the ModernFi Application are deployed much faster. Getting the initial deployment and configuration done ahead of time will allow for updates at the last minute to be turned around faster.

ModernFi’s Institution Success team will work hand in hand with your financial institution each step of the way to ensure a smooth onboarding and implementation process.

If you have any questions or would like to speak to a ModernFi representative today to start offering Extended Insurance Accounts to your high-value depositors, reach out to [email protected] for assistance.